Hospital system buys vacant skilled nursing facility
We have written about the dilemma faced by many 40-plus year-old skilled nursing facilities, that cannot compete with those newer all-Medicare facilities with all the bells and whistles (think Mainstreet). Should they convert to low-income assisted living facilities, for which there is and certainly will be a need? Or will the space be repurposed for something other than senior care? For Steve Thomes of Blueprint Healthcare Real Estate Advisors and his most recent transaction, it was the latter. Mr. Thomes sold a vacant 82-bed skilled nursing facility in Melrose, Massachusetts for $3.6 million, or $43,902 per bed. But instead of being closed due to survey issues, lawsuits, physical... Read More »A value-add opportunity in Whitehouse?
As our former President jetted off to California on Inauguration Day, a California-based public REIT moved out of Whitehouse, Texas, with the sale of its 120-bed skilled nursing facility. Located in the Tyler MSA, this facility was 88% occupied at the time of the sale with a 24.5% quality mix. But the REIT seller considered the property non-core (the previous operator was also looking to exit), and the buyer, a New York-based owner/operator with a notable presence in East Texas, saw a value-add opportunity. It paid $6.42 million, or $53,500 per licensed bed, and Chris Hyldahl and Gideon Orion of Blueprint Healthcare Real Estate Advisors handled the transaction. Read More »
Virginia Vacancy
A 45-unit assisted living/memory care community in Woodstock, Virginia was vacant at the time of its sale to a regional operator. The previous owner, Royal Haven Assisted Living, decided to concentrate on the operations of its other 55-unit community in Front Royal, Virginia. But it was in the middle of renovating the Woodstock property when Steve Thomes and Tim Cobb of Blueprint Healthcare Real Estate Advisors procured an acquirer with its own capital investment program planned for the community. The regional operator buyer is focused on assisted living and memory care services in Virginia, which bodes well for its newest addition. A purchase price was not disclosed. Read More »Net-worth nets results
A high net-worth healthcare real estate investor saw quite the value-add opportunity in a portfolio of five assisted living communities located throughout Central Florida. The properties were perhaps fated to change hands, as they were acquired by the seller (a publicly traded REIT) as part of a large merger a few years ago, but were not seen as “core” communities. There is some work to be done too. Built from the mid-1980s to the early-1990s, the buildings need some capex. And despite a stable occupancy in the mid- to high-80s, a significant portion of the census was Medicaid payors. Under management of a national operator (which had been in place for a short time before the REIT took... Read More »Schedule a demo
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